Wise, a global online money transfer service, has been granted direct access to InstaPay, the Philippines’ real-time payment system.
This access allows Wise to settle directly with the Bangko Sentral ng Pilipinas’ (BSP) real-time gross payment system, PhilPaSS Plus.
PhilPaSS Plus is the only Peso Real-Time Gross Settlement (RTGS) system in the Philippines, operated by the BSP under the National Payment Systems Act.
This integration marks Wise’s sixth connection to a domestic payment system globally, enabling instant transfers to Philippine pesos (PHP) and providing more options for Filipino customers.
Wise customers can now send up to PHP 50,000 instantly from 28 currencies.
For larger amounts, while not processed via InstaPay, 94% of transactions are completed within 24 hours.
For Wise customers in the Philippines, this development means faster withdrawals to local banks and e-wallets, as well as easier ways to add funds to Wise accounts and cards.
Customers can fund their Wise account and card transactions through bank transfers or e-wallets, facilitating access to Wise’s services.
Wise stated that this connection aims to provide quicker, more efficient payment solutions for customers and partners, who also benefit from high straight-through processing rates.
This follows Wise’s previous integrations with payment systems in the UK, EU, Singapore, Australia, Japan, and its recent connection to Brazil’s PIX system.
Wise holds 65 licenses globally to support its international operations.
Areson Cuevas, Country Manager for Wise Philippines said,
“Six months after launching the Wise account and prepaid card in the Philippines, we’re excited to be directly connected to InstaPay and to directly settle with PhilPaSSPlus.
This milestone, following our successful direct integrations into five other payment systems worldwide, marks a significant step forward in our mission to make international payments faster, cheaper, and more convenient for our Filipino customers, and our Wise Platform partners.”
